With more than 1,000 projects announced globally, with investments set to reach $320 billion by 2030, hydrogen power continues to accelerate.
The second Energy Storage Forum revealed that while renewable energy generation is expected to account for 80% of the global energy mix by 2050, this will require an annual investment of around $1.5 trillion in energy supply and production by 2035.
The forum, jointly organized by the Gulf Cooperation Council Interconnection Authority (GCCIA) and the independent non-profit energy research and development organization EPRI, with the theme of “Promoting the Energy Transition Pathway at COP28”, urged global financial institutions to invest in energy storage technology to support green and renewable energy , with particular emphasis on hydrogen storage.
The forum began with a welcome address by Eng Ahmed Al-Ebrahim, CEO of the Gulf Cooperation Council Interconnection Authority (GCCIA), and an opening address by Arshad Mansoor, President and CEO of EPRI.
Al-Ebrahim emphasized that the successful integration of renewable energy into existing grids requires efficient and reliable energy storage solutions.
“Energy storage technology plays a key role in addressing the intermittency of renewable energy, resulting in a stable and continuous power supply,” Al-Ebrahim added.
“By investing in these technologies, financial institutions can make a positive contribution to the global effort to combat climate change and foster a sustainable future.”
One of the most promising energy storage solutions is hydrogen storage, which has received a lot of attention as a clean and versatile fuel capable of generating electricity through fuel cells and providing storage for excess renewable energy.
“The Energy Storage Forum firmly believes that financial institutions have a unique opportunity to be leaders in sustainable investing by supporting energy storage technologies. By allocating resources and capital to these projects, they can drive innovation, accelerate the deployment of clean energy solutions, and paving the way for a greener, more resilient future,” Al-Ebrahim said.
The forum also saw several panel discussions focused on advancing regulatory frameworks and incentives to support the energy transition.
According to the participating experts, green finance in the Middle East and even the world is growing exponentially. They highlight the role of hydrogen in a decarbonized economy.
The forum also highlighted the challenges of expanding the hydrogen supply chain and sharing international experience in hydrogen project development.
Additionally, keynote presentations focused on the progress and future plans of energy storage devices in supporting sustainable power systems, as well as the role of smart technologies and the need for smart risk and insurance solutions.
The dedicated forum welcomes collaboration with financial institutions, governments and other stakeholders to explore opportunities, share knowledge and develop partnerships to advance the adoption of energy storage technologies.
The three-day forum featured insightful, interactive panel discussions and technical workshops on the fundamentals driving the energy transition and energy storage. Furthermore, it offers international participants a unique opportunity to network and form partnerships with industry leaders, like-minded peers and other stakeholders in the energy sector. — trade arab news agency